Aussie Dollar To Remain Bullish due to Strong Economic Data

In December 2017, Australian Dollar turns bullish against G10 currencies. Particularly, the currency hit one and a half month high figure of 86.84 against Yen and one-month high figure of 0.7680 against Greenback.

The Kiwi Dollar fell to the one-month low figure of 1.1010 against Australian Dollar after poor current account and trade balance data. We hope the Australian Dollar to gain a strong position against its rival currencies in the near future due to the facts mentioned below.

Similarly, the price of coking coal which is primarily used by steel furnaces is trading at the 8-month high figure of $243.90. Since November 2017, there is 37% growth in coking coal prices. In 2017, the average trading price was $185.70 which is $40 more as compared to the average price in 2016.

In the financial year 2020-21, the Australian Government is expecting a surplus of A$10.2 billion. This means that Australia is more likely to retain the AAA rating from S&P. This international credit agency has been closely monitoring Australia on its negative watch list. Hence, Australian Dollar is likely to remain bullish against its major currency rivals due to strong economic data and fiscal outlook.

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